How Overseas Assets Affect an Estate
These days, it is increasingly common for people to own assets overseas. This is due, in part, to the fact that the planet has become much more accessible to the average person than it was before. These days, it is not all that difficult to arrange transport to the other side of the world, where you can purchase a holiday home or vacation rental.
However, these overseas holdings can significantly complicate the process of administering wills and probate lawyer services. There are several stages in the legal process in which legal assistance of this nature is going to be particularly important, including the following:
Identification of assets
Early in the administration of the estate, the executors of the state will set out to identify all of the assets that belonged to the deceased. It is at this point that overseas property holdings will also be collected and counted. This can be relatively complicated, especially when the deceased did not keep clear records about their overseas property holdings.
Collection of the assets
After the assets have been identified and counted, it is time for the collection process to begin. This is easy enough when it comes to liquid assets, as all that is needed is a court order. However, collecting foreign property assets requires more planning and calculation. The property may end up being sold, and the money divided between beneficiaries. Likewise, it may be determined that the property will go to a particular person, or that it be rented out and the proceeds paid back into the estate
Distribution to beneficiaries
Once all of these considerations have been sorted out, and all parties are satisfied with the results, it is time for the probate lawyers in Bath (or elsewhere) to begin distributing the estate. Bear in mind that any overseas assets and property holdings have the potential to slow down the process. The procedures involved in dealing with those overseas property holdings are almost certainly going to be different to what they are at home, and that alone adds time to the process. Furthermore, administering an estate in a foreign country (such as Thailand) can be a lot more complex than it is in the UK.
Making Arrangements ahead of Time
When it comes to owning property overseas, one of the best things that you can do is make arrangements ahead of time. Rather than leaving your relatives and beneficiaries with a mess that they have to sort out once you have passed away, take time now to draw up a will and see to it that all of your financial records are in order.
All of that makes the final administration of the estate much easier. When the time comes to hire a firm thatspecialises in wills and probate lawyer services, it will only be a matter of filing the appropriate paperwork. This means the family move forward without any undue stress, anxiety or distraction.